International
BoE paper explores liquidity traps with ‘Hank’ model
Precautionary savings can send economy into deflationary spiral, authors find
The new era of money supply and its impact on policy
The empirical relationship between money and inflation has changed, writes Manmohan Singh, with Apoorv Bhargava and Peter Stella. To understand current policy challenges, we must first understand money creation
CBDCs must be interoperable – Swift and Accenture paper
Swift plans new CBDC trials for members across traditional payment rails
Fintech & IT Benchmarks 2021 – presentation
Central Banking’s fintech and IT subject matter specialist Rachael King speaks with Christopher Jeffery about fintech and IT staffing and salaries, research and investment, system resilience, CBDCs and the wider fintech ecosystem
Central banks have limited tools to tackle inequality – Carstens
Inequality is an issue for central bankers, but they cannot solve it on their own, says BIS chief
BlackRock research pushes back at concerns over bond ETFs
BIS paper had suggested ETF sponsors may have sold illiquid assets to discourage redemptions amid Covid stress
Dollar’s share of global reserves falls to 25-year low
Gradual decline may stem from currency diversification by emerging market central banks - IMF report
People: US set to name OCC chief; IMF’s Werner to retire
New deputy governor appointed in India; former Ecuadorian general manager dies; and more
Central banks remained net gold buyers in Q1
Rate of gold buying down on first quarter of 2020, as Hungary leads purchases
Central bank ‘activism’ risks long-run costs, paper argues
Central banks acting outside their mandate is “never without cost”, law professor says
Central banks play growing role as local gold buyers
Purchase programmes can save resources, while helping to foster security and fairness in mining industry, report says
The evolving ‘strategy function’ in central banks
Some institutions participating in a survey of 27 central banks still struggle to fully harness an effective ‘strategy function’, according to the ECB’s Jean-Charles Sevet and Alejandro de la Cuesta
BIS to operate sterling liquidity facility backed by BoE
Move echoes 20th century arrangements when BIS acted as intermediary in swaps network
Fed must clarify future of QE, IMF says
IMF warns that rising longer-term Treasury yields could have major impact
Curbing booms could cut carbon emissions – BIS paper
Overheating economies can misallocate resources to carbon-heavy industry, authors find
Emerging markets should prepare for higher rates – IMF article
Middle and low-income economies need to anchor fiscal policies after the pandemic is under control
ESG investment must grow to achieve zero carbon emissions
Action is needed to scale up green investment and tackle information issues, writes Sayuri Shirai
Central banks need more data and better measures on climate – BCBS
Basel Committee may re-evaluate risk framework to account for effects of climate change and green policy
Zhang Tao on the IMF’s fintech agenda, CBDCs and big tech oversight
IMF deputy managing director speaks about the fund’s perspectives on CBDC operating frameworks, regulating big tech and macrofinancial oversight in a digital world
Book notes: The political economy of bank regulation in developing countries, edited by Emily Jones
A pioneering academic – but reader-friendly – monograph on the response of peripheral countries to Basel standards
Emerging-market central banks lead on women’s empowerment
EME central banks have more women at staff level and in senior positions, but there are deep disparities worldwide, with childcare availability appearing to be a major cause
Book notes: Central banks as fiscal players, by Willem Buiter
Buiter puts a real economic problem into a convincing theoretical frame, and translates it into applicable policy advice
Regulating big tech and non-bank financial services in the digital era
Big tech incursions into financial services in China and elsewhere demonstrate the potential benefits of adopting a digital-bank or holding-company approach to financial regulation
AML/CFT regulation of crypto assets needs rapid reform – BIS report
Few jurisdictions are implementing “travel rule” for crypto assets, report says